I don't think that valuations have gone too wild yet.

I think there's definitely a lot of competition for certain deals and some companies are back raising at pretty wild valuations, but generally

speaking, I think we're in like a steady state with a investor base that is confident about

deploying capital.

Without wanting to make it all about AI, businesses are realising that they don't, they can

probably build a company with fewer people than they could before.

One of the pieces of data we used to track very closely as a proxy for progression was headcount.

We've basically thrown that metric out as something that we track because we're actually seeing

some companies that are just not adding headcount, they're actually cutting

head count despite the fact that top line growth is going up.

I think it's a stark reminder that the majority of companies that raise at seed never get to

series A. So it's a reminder to ourselves that like a great outcome is would be sort of 30% graduation rate.

Chris, great to have you on.

Good to see you guys.

How are you?

Really good, mate.

Great.

Thanks for joining us.

Welcome.

The message on the weekend did point out in our brief discussion of this in the last episode.

I described your report as disappointing.

Disappointing.

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